Ithmaar, a Bahrain-based Islamic retail bank, has announced the launch of special financing offers for Mazaya programme beneficiaries to purchase villas at the Danaat Al Lawzi development, located to the west of Hamad Town in the kingdom.
The special financing offers are designed exclusively for beneficiaries of the Mazaya programme, Bahrain’s social housing scheme that aims to help eligible nationals buy their first homes.
As part of this programme, citizens are offered government-subsidised financing to help them buy their homes.
The Danaat Al Lawzi development covers a total area of 107,000 sq m and is located to the west of Hamad Town, close to a natural lake.
It comprises 303 villas and a community centre, and was developed in collaboration with the Ministry of Housing and Eskan Bank specifically for beneficiaries of the Mazaya programme.
Engineer Basem bin Yaqoub Al Hamar, Minister of Housing, expressed his appreciation of the co-operation with Ithmaar Bank to finance the purchase of another Danaat project established to meet the demand for housing, especially for the beneficiaries of housing services provided by the Ministry of Housing, through Mazaya program.
"Focusing on partnership with the private sector is a strategy that supports government efforts in endeavors to provide housing services to citizens," he noted.
We also appreciate the role of banks participating in the Mazaya Program for citizens to purchase their own homes within the housing offers that meet the program’s criteria, which is one of the main reasons for the success Of Mazaya.
Ithmaar Bank CEO Ahmed Abdul Rahim said: "We are pleased to partner again with the Ministry of Housing and Eskan Bank to enable citizen to purchase their first home in this exciting new development."
“Danaat Al Lawzi is a housing development designed to allow Bahraini families to settle in affordable, high-quality housing opportunities at favorable prices,” he stated.
“As a pioneering Islamic retail bank, Ithmaar Bank recognizes the important role we must play in the local community,” he said. “Ithmaar Bank customers who are interested in purchasing Danaat Al Lawzi villas will benefit from the special financing solutions we developed especially for them,” noted Abdul Rahim.
“The special financing offers that we created for this development include the option of repayment over a period of up to 25 years with no down payment or evaluation fees,” he stated.
“Additionally, customers will be able to obtain additional personal finance to be paid over 15 years, with an optional grace period of up to six months, as well as free Home Protect Takaful Insurance cover and many more benefits,” he added.-TradeArabia News Service